There’s no other way to put it: Bitcoin has fallen off a cliff.
The cryptocurrency, over the past few hours, has plunged from a comfy price above $7,700 (which now seems extremely high) to as low as $5,600 in the span of a few 15-minute candles. This crash, which caught many traders aback, liquidated some $655 million worth of BitMEX long positions, wiping out many traders across the board.
As explained by Bitcoin Jack, former lead analyst at cryptocurrency analysis upstart Bravado, the move was an “insane shock in supply and demand,” as there was a large loss in liquidity due to the unexpectedness of this crash.
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